Philip Morris 2021 profit outlook is unchanged, but remains below the Wall Street consensus

Shares of Philip Morris International Inc. slipped 0.6% in premarket trading Tuesday, after the cigarette seller affirmed its full-year profit outlook, but that is below Wall Street expectations. The company said it still expects second-quarter earnings per share, excluding nonrecurring items, of $1.50 to $1.55, surrounding the FactSet consensus of $1.54. For 2021, adjusted EPS is expected to be $5.95 to $6.05, the same guidance provided in April, and below the FactSet consensus of $6.07. The company expects total cigarette and heated tobacco unit shipment volume in 2021 of down 2% to up 1%, with heated tobacco unit shipment volume of 95 billion to 100 billion units. The company projects 2021 capital expenditures of about $800 million and no share repurchases. The stock has rallied 14.1% over the past three months through Monday, while the S&P 500 has gained 10.6%.

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